RIGOL(SH:688337) INDUSTRIAL SECURITIES·2024-05-14 02:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook compared to the market index [11]. Core Insights - The company reported a revenue of 671 million yuan in 2023, with a year-on-year growth of 6.3%. The net profit attributable to shareholders was 108 million yuan, reflecting a year-on-year increase of 16.7% [21]. - The company is focusing on high-end products, with the DHO series showing significant sales growth of 193.79% year-on-year. The overall gross margin improved to 56.45%, up 4.06 percentage points from the previous year [21]. - The company is undergoing a transformation towards becoming a comprehensive solution provider, supported by internal capacity expansion and external acquisitions [21]. Financial Summary - Revenue Forecast: Expected revenues for 2024, 2025, and 2026 are projected at 828 million yuan, 1.062 billion yuan, and 1.266 billion yuan respectively, with growth rates of 23.5%, 28.2%, and 19.2% [20]. - Net Profit Forecast: Projected net profits for the same years are 143 million yuan, 199 million yuan, and 267 million yuan, with growth rates of 32.3%, 39.4%, and 34.3% [20]. - Gross Margin: The gross margin is expected to increase from 58.2% in 2024 to 60.5% in 2026 [20]. - Return on Equity (ROE): ROE is projected to rise from 4.9% in 2024 to 8.7% in 2026 [20]. Market Data - As of May 10, 2024, the closing price of the company's stock was 32.38 yuan, with a total share capital of 185.12 million shares and a net asset value of 2,885.64 million yuan [7].